Latest filings from Keltbray Group show turnover down in the year to 31st October 2024 at 拢624.5m (2023: 拢689.0m) and a pre-tax loss of 拢8.1m (2023: 拢1.2m loss).
The cash position at year-end was 拢20.6m (2023: 拢33.6m) and no debt. Operating loss for the year was 拢1.9m (2023: 拢4.2m profit).
In the past five financial years Keltbray has only made a profit once. That was in the financial year (FY) 2022.
The results for FY 2024 include a 拢12.8m regulatory cost relating to the settlement of a claim and associated legal costs.
As finance director Peter Burnside explained in the annual report: 鈥淭he results for the year reflect the outcome of Keltbray鈥檚 appeal against the CMA penalty that was handed down in December 2024 by the Competition Appeals Tribunal (CAT). While the penalty appeal was partly successful, the CAT removed the early settlement discount, which had the effect of increasing the overall amount payable.
鈥淔ollowing the CAT decision, a time to pay arrangement was entered into by the companies impacted and made an order of court, The first payment has been made and three further payments will be made under this arrangement. The group board are pleased to be able to put this historic matter to rest.鈥�
Keltbray was one of 10 demolition contractors sanctioned in 2023 by the CMA 鈥� Competition & Markets Authority 鈥� for bid rigging.
The major event of 2024 for Keltbray was the demerger of Keltbray Infrastructure Services Ltd (including Keltbray Highways, Keltbray Rail and Keltbray Energy and others), which took effect on 19th June 2024. Keltbray Infrastructure Services was rebranded as Aureos in December 2024 buy its new owners, EMK Capital.
Propitiously,聽Keltbray Built Environment Ltd, the remaining core business, increased turnover by 17% in FY 2024 to 拢364.0m (2023: 拢312.2m), and made a 拢3.2m net profit 鈥� up from a 拢104,000 loss in FY23.聽The turnaround was attributed to 鈥渋ncreased rigor in opportunity selection, stronger project controls and tighter operational execution鈥�.
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